40% of Companies Face Near-Closure in 2024

The UK’s Growth Report – A Fresh Look at What’s Keeping SMEs on Their Feet

Heads-up, business owners! The Entrepreneurs Network teams up with Sumer, the go‑to mid‑market accounting squad for SMEs, and drops a brand‑new report: the United Growth Report. This isn’t just another set of numbers – it’s an honest, no‑BS snapshot of the hurdles UK entrepreneurs are juggling today.

12 Regions, 610 Voices

The study cast a wide net: 610 businesses from every corner of Britain were asked for their opinions. From the bustling tech hubs of London to the cozy villages of Devon, the report compiles what truly matters to the people who keep the economy humming.

What the Report Uncovers

Cash flow crises – How to keep the money flowing when the bills are stacking up.
Access to finance – The tricky gate‑keepers on loan approval and funding strategies.
Regulatory headaches – From the newest tax changes to the wordy bureaucracy that can slow you down.
Tech gaps – Why a digital makeover isn’t just a buzzword but a necessity.
Future skill gaps – Who’s got the talent you need, and where does it hang out?

Official Launch: A Big‑Time Reception in the House of Lords

Get ready to be in the front row! On Wednesday afternoon, Black Wednesday (luckily, no protests), the Shadow Secretary for Business and Trade, Kevin Hollinrake, will take the stage at the House of Lords and unveil the findings in a special reception. His speech promises to be as engaging as a root beer float — completely sweet and unexpectedly energizing.

Why It Matters

Business owners once again have a powerful tool to rally behind: data you can read, feel, and use. Whether it’s the staggering numbers of debt or the hopeful notes about tech adoption, the report gives a clear roadmap to grow. Don’t miss out – grab your copy and start turning insights into action!

Is it all doom and gloom?

Entrepreneurship at a Crossroads: Half Struggle to Keep the Lights On

With almost half of businesses on the brink of closing this year (44% say it’s been happening over the past six months), it’s no shock that 50% of founders are stuck in a finance fog. They’re scrambling for cash and the answers just aren’t showing up.

What’s Turning Ambition Into a Headache

When it comes to taxes, a solid 65% of bosses think they’re crazy steep. It’s the headline complaint on our list of growth blockers (14%). A pretty tight tailwheel follows:

Input costs – 13%
Finance hurdles – 11%
Hiring nightmares – 9%
Red‑tape bureaucracy – 8%
Premises expenses – 7%
Regulatory overload – 7%

Silver Lining? A Surge of Optimism

Despite the gloom, founders are picking a bright future. A majority (60%) forecast rising revenues, 57% see a boom in consumer demand, 45% hope for a growing workforce, and 49% are all about growth rather than steady‑state parking.

Why the High Spirits Persist

Many entrepreneurs reckon key drivers of success will improve next year. Whether it’s the usual entrepreneurial optimism or sheer resilience, the consensus is that things are getting better. Tech‑savvy CEOs, policymakers and the community as a whole have a chance to turn the tide.

“Time to Step Up” – CEO Warren Mead

“Our data slaps hard, especially when you picture a single store shuttering in a small town,” says Warren Mead, CEO of Sumer. He adds:

“These businesses are woven into their local fabric—creating jobs, pride, and pathways to social mobility. I was stunned by how many interviewees are seriously considering a shutdown. The wave of uncertainty—economic, political, social—makes it understandable.”

“This report should spark action—from grassroots to top‑level—that helps small businesses thrive.”

Playing favourites

Regional Pride Unleashed

Big news—nine out of ten bosses (that’s 89%) are shouting from the rooftops that a company can truly hit its stride without setting up shop in London. The message is crystal clear: allowing businesses to thrive wherever they are puts them into full gear.

London? No Thanks!

These leaders are turning the spotlight on local talent, infrastructure, and culture. It’s not about ditching the capital entirely; it’s about giving every corner of the UK a fair shot at success.

But the Gap Is Still Wide

However, there’s one thing that keeps the spotlight from fully shining: a big, stubborn inequality that spreads across regions. In fact:

About 6 times more entrepreneurs say uneven funding, skill shortages, and sluggish growth are still killing the dreams of many regions.
Many areas feel the sting of under-investment and are missing the tech wave that London’s bustling streets often ride.
The Government must step in—bring the light, bring the support, bring the opportunity.

In short, the surge of regional pride is shining bright, but the heavy‑handed coal–block and uneven support have everyone hoping for a more level playing field. It’s time to hand out a fair chance to all corners and watch the entire UK soar.

Advice to policymakers

Keeping the UK’s Small Businesses on Their Game

Britain’s latest report says the only way to inject real, lasting growth across every corner of the country is for government to roll out concrete policy tweaks that actually make a difference. Below is the play‑by‑play for how to keep entrepreneurs thriving.

Top‑Tier Policy Fixes for a Business Boom

Keep Corporate Tax Lines Low
Don’t crank up the headline Corporation Tax any further—competitive rates keep companies from fleeing to greener pastures.
Capitalize without Fear
Any overhaul of Capital Gains Tax must leave entrepreneurs eager, not scared, to chase new opportunities.
Fairer Business Rates
Rebalance the scales so land use actually rewards productivity rather than penalizing it.
Streamline Infrastructure Plans
Make planning faster and smoother, so developers can capture the value they generate from the start.
Alternative Construction Finance
Explore funding routes beyond the old, clunky methods to keep projects rolling.
Boost Business Premises Supply
Loosen red‑tape that stalls development, creating more spaces for growing firms.
Extend Mayoral Devolution
Grant “London‑style” powers to metropolitan mayors to tailor local economic strategies.
Devolve Fiscal Powers
Consider what budgets and revenues could hop off the Whitehall table and back to the regions.

A Word from the Hotshot Analyst

According to Eamonn Ives, Research Director at The Entrepreneurs Network, “If the new Government wants to revive true growth everywhere in the nation, it must recognize the private sector’s pivotal role in creating jobs and opportunities. Entrepreneurs don’t sit around waiting for a hand‑up, but that doesn’t mean the government can’t lift the envelope from time to time—by keeping taxes competitive, boosting infrastructure, and staying open to the world.”

He adds: “The track record of balancing economic growth is feckless, but if we dissect what actually works, no region should be left behind in reaching its potential.”